7.
9
Commercial transaction volume (in million €)
Selected European markets
• No single top city due to the
federal structure

8.
10
CBD prime office yields (in %)
Selected European markets
• Office properties in German
top cities are in keen demand
• On the other hand there‘s a
lack of especially new
buildings in top locations
• Result = decreasing yields

19.
21
Prime yields for office properties
Top 6 cities (gross initial yields)
• First-rate office properties in
prime locations are hard to
come by
• Result = they have become
even more expensive in some
cases
• Stable market conditions with
a lack of new office properties

21.
24
Buyers and sellers by sectors in million of
euros – Germany in total
• Real estate funds and
private investors with
highest investment volume
• Special funds (SPV), which
were involved in a number
of transactions, often acted
on behalf of state and
pension funds
• Continuing attractiveness of
German commercial real
estate particularly for
security-oriented investors
Deals

23.
35
Outlook
- Office market to pick up – but only after a delay: take-up of 2.5-2.6 million m²
forecasted – an average year
- Peak of the current market cycle for prime rents almost reached
- Lateral trend in terms of vacancy rates
- Deal pipeline on the commercial investment market is still well stocked for the
last months of 2013
- Persistently low interest rates and uninterrupted excess demand for core real
estate
- A Germany-wide transaction volume of more than 25 billion Euros is realistic
Reasons